Goldeye Continues to Cut High Grade Gold Values in Channel Samples
at the Weebigee Project, Sandy Lake, NW Ontario
Highlights:
- Knoll Zone-Individual channels assay up to 53.8 g/t Au
- Bernadette Zone-Individual channels assay up to 18.3 g/t
Au
- New Zone-Individual channels assay up to 41.1 g/t Au with one
grab sample assaying 24.9 g/t Au; located 500 metres northwest of
Knoll Zone
TORONTO, ONTARIO--(Marketwired - Dec 2, 2013) -
Editors Note: There are two figures associated with this press
release.
Goldeye Explorations Limited (TSX-VENTURE:GGY) ("Goldeye" or
"the Company") has received preliminary results of thirty-one
channel samples and four grab samples taken along the NW Arm of
Sandy Lake. Lower water levels and ice buildup up along shorelines
in mid-November allowed Goldeye personnel to cut channels on
previously difficult to access or newly exposed reef areas.
Individual saw-cut channel sample results include:
53.8
g/t Au over 0.35 metres |
KNOLL
Area |
38.9
g/t Au over 0.22 metres |
KNOLL
Area |
41.1
g/t Au over 0.42 metres |
NEW
Area |
25.2
g/t Au over 0.37 metres |
NEW
Area |
24.9
g/t Au grab sample |
NEW
Area |
16.9
g/t Au over 0.37 metres |
NEW
Area |
18.3
g/t Au over 0.38 metres |
BERNADETTE Area |
New Zone (RvG4
Zone)
Reconnaissance sampling of veins and silicification along the
shoreline 500 metres northwest of Knoll-Bernadette located a
significant new gold occurrence with similarities to the Knoll
zone. Two channel lines cut across silicified/quartz-veined
sections of the shear zone returned 10.85 g/t over 1.58 metres and
21.64 g/t over 0.86 metres.
To view 'Figure 1: New gold occurrence (RvG4)', please visit the
following link:
http://media3.marketwire.com/docs/goldfig11202.pdf
Knoll
Eight additional channel samples were cut to follow-up on
results from Goldeye's summer program (see Press Release dated
September 5, 2013). Visible gold was observed in one channel cut
and assayed 38.9 g/t. This added to the gold grade and width of the
previous composite, which now grades 28.31 g/t over 1.07 metres.
Three samples were cut across the same zone a few metres to the
southeast. One sample graded 53.8 g/t and combined with channel
results from the summer program gives a composite assay of 12.35
g/t over 1.86 metres.
To view 'Figure 2: Highlights of channel sampling at Knoll
Zone', please visit the following link:
http://media3.marketwire.com/docs/goldfig21202.pdf
Bernadette
Quartz veinlets within bleached and pyritic blue quartz eye tuff
are located on the tip of a point 15 metres east of the main
Bernadette Vein. The exposures are broken and for the most part
vertical and could not be continuously sampled. Nine channel
samples were taken, with results ranging from 19 ppb to 18.3 g/t.
Two grab samples returned 0.24 g/t and 4.33 g/t.
Generally samples should be within 95% of true width of each
structure sampled. Detailed mapping indicates mineralized
structures are steeply dipping. A total of 35 samples (31 channel
samples and 4 grab samples) were collected along the NW Arm of
Sandy Lake with gold values ranging from 0.015 g/t to 53.8 g/t.
The channel sampling of available outcrop exposures along the NW
Arm shoreline indicates a strong correlation between strong to
intense zones of silicification and high grade gold values. This
will be important going forward in terms of focusing drilling on
high grade gold targets that also have potential to build tonnage
within silicified zones proximal to high grade quartz tourmaline
veins. Goldeye is planning a 2500 metre drill program that will
commence in late January/early February.
Blaine Webster commented: "These latest results show how high
the discovery potential is in this largely unexplored area. Due to
thick clay cover we have only been able to sample a few metres
along shorelines where wave action has exposed the bedrock. It will
take systematic drilling of each showing area to move this project
to the next level. Knoll, Bernadette, Wavano, Tully, Tully West and
the new RvG4 area are all highly prospective targets that deserve
more work. Additionally, IP anomalies associated with high
resistivities in the NW Arm fold axis and nose and on the NE
contact of the magnetic high (ultramafic source) are extremely
interesting and will be investigated further as the project
expands. Goldeye is exploring for high grade, high quality gold
deposits, and the sampling grades at Weebigee so far are
encouraging. This is an exciting project that benefits from the
fact that it is located close to established infrastructure in
nearby Sandy Lake. Goldeye has recently signed an Exploration
Agreement with Sandy Lake First Nation (see Press Release dated Nov
18, 2013) and we look forward to working as partners with SLFN to
advance the project."
Project Logistics and
QA/QC
All analyses reported in this release are from assay
certificates that passed Activation Laboratories QA/QC procedures.
Approximately 10% of the samples submitted in 2013 to Activation
Laboratories will be sent to a third lab for additional check
assaying QA/QC. All channel sampling was supervised in the field by
David R. Jamieson, P.Geo. Samples were securely stored and
delivered to Wasaya Airways aircraft at Sandy Lake Airport. The
samples were picked up in Red Lake by courier and delivered to
Activation's Thunder Bay facility. Samples were fire assayed for
gold. Any analysis greater than 3000 ppb was reassayed using a
gravimetric finish. Activation Laboratories in a fully accredited
laboratory and conforms to the requirements of ISO/IEC 17025 (ISO
9001) and CAN-P-1579 by the Standards Council of Canada. Assays
reported in ppb were converted to g/t (grams gold per tonne of
rock). Screen metallic assaying was used where visible gold was
observed in the field.
Table 1: Highlights of November 2013
Weebigee Sampling Program
Sampling Area |
Sample Number |
Channel Length |
Actlabs |
F/A Au g/t |
RvG4 |
109901 |
0.37 |
16.9 |
RvG4 |
109902 |
0.37 |
25.2 |
RvG4 |
109904 |
0.43 |
2.8 |
RvG4 |
109905 |
0.42 |
41.1 |
RvG4 |
109906 |
0.44 |
3.06 |
Knoll |
109915 |
0.22 |
38.9 |
Knoll |
109916 |
0.35 |
2.9 |
Knoll |
109917 |
0.35 |
53.8 |
Knoll |
109918 |
0.3 |
5.42 |
Bernadette |
109924 |
0.38 |
18.3 |
Bernadette |
109929 |
0.25 |
5.17 |
Bernadette |
109930 |
0.1 |
3.27 |
RvG 4 |
109932 |
grab |
24.9 |
Bernadette |
109935 |
grab |
4.33 |
On behalf of the Board of Directors,
Blaine Webster, P.Geo., President and CEO
Blaine Webster, P.Geo., is the Qualified Person as defined under
NI 43-101 who has reviewed and is responsible for the technical
information presented in this news release.
ABOUT THE WEEBIGEE PROJECT
The Weebigee Project, 100%-owned by Goldeye, is located near
Sandy Lake, 227 kilometres north of Red Lake in Northwestern
Ontario, and comprises 363 claim units totaling approximately 6,000
hectares. The project covers many of the most highly prospective
gold and base metal showings in the Sandy Lake Greenstone Belt.
The Weebigee Project is located in the traditional territory of
Sandy Lake First Nation, with whom Goldeye has built a strong
relationship and recently signed an Exploration Agreement. The
project is close to existing infrastructure in Sandy Lake (pop.
3000) including all-season gravel roads that extend to within 1 km
of the Bernadette, Knoll RvG4, and Wavano areas and the Sandy Lake
Airport, which has a 3,500 ft. runway and daily scheduled flights
to Winnipeg, Red Lake and Sioux Lookout.
Ontario's Ministry of Northern Development and Mines has issued
a 3-year exploration permit (No. PR-13-10172) for the project. The
permit can be renewed for an additional 3 years.
ABOUT GOLDEYE
Goldeye is a Canadian gold-focused exploration company with
properties in mineral rich, politically secure jurisdictions having
long traditions of mining. Weebigee is Goldeye's flagship project.
In Canada, Goldeye also holds a 24.5% interest in the Todd Property
in British Columbia's Golden Triangle, a 100% interest in the Gold
Rock and West Shining Tree properties in Ontario, and additional
claims in Tyrrell Twp. In Chile, Goldeye owns 100% of the
Sonia-Puma property located 180 km north of Santiago.
PLEASE NOTE OUR NEW ADDRESS
100
West Beaver Creek Rd., Unit 2 |
Richmond Hill, Ontario |
L4B
1H4 |
FORWARD LOOKING STATEMENTS
This news release contains forward-looking information that is
not comprised of historical facts. Forward-looking information
involves risks, uncertainties and other factors that could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information. Such statements include the following:
"Goldeye is planning a 2500 metre drill program that will commence
in late January/early February" and "Additionally, IP anomalies
associated with high resistivities in the NW Arm fold axis and nose
and on the NE contact of the magnetic high (ultramafic source) are
extremely interesting and will be investigated further as the
project expands". Although the Company believes that the
assumptions and factors used in preparing the forward-looking
information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of
the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. The
Company disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise, other than as required by
law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Goldeye Explorations LimitedBlaine Webster, P. Geo.President and
CEO416-315-9708bwebster@goldeye.caGoldeye Explorations LimitedRobin
Luke WebsterManager, Corporate Affairs and Community
Relations416-877-6389rwebster@goldeye.ca
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